In a positive turn of events amidst market growth, Bitcoin exchange-traded funds (ETFs) in the United States achieved a significant milestone on June 4th. BTC products saw their second-highest daily net inflows since trading commenced on January 11.
Bitcoin ETFs garnered $886.75 million in daily net inflows on June 4th. The record for the highest inflows from spot Bitcoin-based ETFs was set during the market peak on March 12, with inflows totaling $1.05 billion.
The leader in terms of net inflows on that day was Fidelity’s FBTC ETF, which attracted a total of $379 million. Following closely behind was IBIT from BlackRock, with net inflows of $274 million, as reported by SoSoValue. Data also indicated that total net inflows accumulated up to June 4th amounted to $14.85 billion.
In this article, we will cover the following topics:
– Bitcoin’s rise fueled by ETFs
– Thailand’s approval of the first spot Bitcoin ETF
Bitcoin’s price surged today, reaching a peak of $71,321.98 in the morning. The largest cryptocurrency has experienced significant fluctuations in recent days, with this increase marking a crucial step towards Bitcoin’s recovery and nearing its all-time high.
This recent resurgence of the primary crypto asset coincides with substantial inflows into US spot Bitcoin-based ETFs. The price of Bitcoin increased by 4% in the last day but later retraced.
At the time of writing, the price of Bitcoin stood at $70,948.34, reflecting a 3.0% increase in the past 24 hours. The highest price reached for Bitcoin was $73,737.94 on March 14, three months ago. Currently, the price is 3.87% lower than BTC’s historical peak.
Thailand recently made history by approving the launch of the country’s first spot Bitcoin-based exchange-traded fund (ETF), as reported in a Bangkok Post article on June 4. This significant development reflects the evolution of the cryptocurrency industry in Thailand, following the SEC’s decision to allow institutions and ultra-high net worth individuals to invest in US-listed products through local private funds.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in cryptocurrencies carries a risk of financial loss.
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